Infrastructure investor John Laing has acquired a 58MW wind project in Victoria, Australia from Infigen.
The Cherry Tree wind farm, near Seymour, in Victoria, is expected reach commercial operation by the second quarter of 2020.
Vestas has been awarded an engineering, procurement and construction contract for the project.
The Danish manufacturer will supply, install and commission 16 V136 turbines with individual output of 3.6MW and provide a 30-year active output management 5000 service agreement.
The 57.6MW Cherry Tree project is expected to create an estimated 80 jobs during construction and five further permanent jobs during its operating life.
John Laing regional managing director Justin Bailey said: “Cherry Tree Wind Farm is John Laing’s fourth investment in the renewable energy sector in Australia in 2018, underpinning strong commitment to this sector”.
According to Bailey the Cherry Tree wind farm investment is part of a growing renewable energy portfolio for the company in Australia that includes one of the highest performing wind farms in the country, the Kiata Wind Farm, also in Victoria, along with three stages of the Hornsdale Wind Farm in South Australia.
John Laing’s three other investments, Sunraysia and Finley solar farms, both in New South Wales, and Granville wind farm, in Tasmania, are at various stages of construction.
Bailey added: “We are very pleased to have worked with Infigen over the last nine months to bring this project to financial close.
“The investment in Cherry Tree Wind Farm is consistent with our strategy to create long term value through the successful delivery of greenfield infrastructure and further enhances our renewable energy portfolio in the APAC region”.
Bailey said the combination of John Laing’s global infrastructure development capability, alongside Infigen’s significant wind farm experience in Australia, has allowed his company to create an innovative “Capital Lite” structure for Cherry Tree.
Project financing is provided by banks ANZ and Mizuho.
Infigen has entered into a power purchase agreement to buy electricity and green certificates from Cherry Tree for a 15-year term.
As well as entering into a PPA, Infigen will remain provide construction management and asset management services to the project.